When it comes to long term care, most people would tend to neglect this type of insurance coverage. The reason it’s the least priority for an individual is because of the high premium rates associated with this type of coverage. But in study conducted by the Department of Health and Human Service, at least 70 percent of individual who are over 65 years old would need to say in a nursing home. The average stay for these individuals would last from 3 to 4 years. That’s why it’s important to get all the long term care insurance advice in order to get a plan that would suit your needs.
Advice # 1: Sign up for a plan that is within your budget – If you are just starting to look at insurance quotes, it would be wise to sign up for a plan that you can afford. Some people would make the mistake of signing up for a policy that offers 100% coverage only to abandon their policy a few years later because of the high premium cost. Don’t let this happen to you. Enroll yourself in a policy that you can afford to pay, it’s better to have some coverage for your long term care needs than having no coverage at all.
Advice # 2: Get a policy as early as you can – Another great tip long term care insurance advice you need to remember is to start on a LTCI policy as early as you can. Why? Because when you start on a policy early, your premium wouldn’t be as high as those who enrolled in the policy when they were 60 years old. When you sign up for a LTCI policy you need to make sure that it has an inflation adjustment feature. In this way, your benefit from your insurance policy would not shrink as costs and inflation rises.
Advice # 3: Try to get a policy with the shortest elimination period possible – Another tip to keep in mind for long term care insurance is to get the shortest elimination period as possible. An elimination period starts from the time that you would require long term care due to an illness or injury and until you receive your claims from your insurance. It’s also referred to as the “waiting period” or “qualifying period”. However, the shorter your elimination period is, the more expensive your premium would be so make sure that you have sufficient funds to cover for your costs until the elimination period is over.
There are other tips you would encounter especially when it concerns long term care. But the items listed above are just some of the common long term care insurance advice you would often encounter when you review quotes and policies for long term care. You may choose to ignore them or not follow these tips at all, but just make sure that you have a fall back plan when the time comes that you would need long term care.